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May 2018 Bellevue Rent Report

Welcome to the May 2018 Bellevue Rent Report. Bellevue rents increased over the past month. In this report, we'll evaluate trends in the Bellevue rental market, including comparisons to cities throughout the metro, state, and nation.

May 2018 Bellevue Rent Report

Welcome to the May 2018 Bellevue Rent Report. Bellevue rents increased over the past month. In this report, we'll evaluate trends in the Bellevue rental market, including comparisons to cities throughout the metro, state, and nation.

Bellevue rents increased significantly over the past month

Bellevue rents have increased 0.5% over the past month, and are up marginally by 0.7% in comparison to the same time last year. Currently, median rents in Bellevue stand at $1,850 for a one-bedroom apartment and $2,300 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in January. Bellevue's year-over-year rent growth lags the state average of 2.2%, as well as the national average of 1.5%.

Rents rising across the Seattle Metro

Throughout the past year, rent increases have been occurring not just in the city of Bellevue, but across the entire metro. Of the largest 10 cities that we have data for in the Seattle metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

Federal Way has seen the fastest rent growth in the metro, with a year-over-year increase of 6.8%. The median two-bedroom there costs $1,720, while one-bedrooms go for $1,380.

Over the past month, Seattle proper has seen the biggest rent drop in the metro, with a decline of 0.2%. Median two-bedrooms there cost $1,650, while one-bedrooms go for $1,320.

Lakewood has the least expensive rents in the Seattle metro, with a two-bedroom median of $1,400; rents rose 4.8% over the past year but remained flat month-over-month.

Bellevue has the most expensive rents of the largest cities in the Seattle metro, with a two-bedroom median of $2,300; rents increased 0.5% over the past month and 0.7% over the past year.

Many large cities nationwide show more affordable rents compared to Bellevue

As rents have increased marginally in Bellevue, a few large cities nationwide have seen rents grow more quickly. Compared to most large cities across the country, Bellevue is less affordable for renters.

Rents increased moderately in other cities across the state, with Washington as a whole logging rent growth of 2.2% over the past year. For example, rents have grown by 3.9% in Vancouver and 2.6% in Spokane.

Bellevue's median two-bedroom rent of $2,300 is above the national average of $1,170. Nationwide, rents have grown by 1.5% over the past year compared to the 0.7% rise in Bellevue.

Renters will generally find more expensive prices in Bellevue than most large cities. For example, Spokane has a median 2BR rent of $890, where Bellevue is more than two-and-a-half times that price.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Seattle

$1,320

$1,650

-0.2%

0.2%

Tacoma

$1,240

$1,540

0.1%

4.0%

Bellevue

$1,850

$2,300

0.5%

0.7%

Everett

$1,310

$1,630

0.6%

2.4%

Kent

$1,430

$1,780

0.6%

4.3%

Renton

$1,630

$2,030

0.7%

2.3%

Federal Way

$1,380

$1,720

0.6%

6.8%

Auburn

$1,320

$1,640

0.0%

3.0%

Marysville

$1,370

$1,700

-0.0%

1.7%

Lakewood

$1,130

$1,400

0.4%

4.8%

Redmond

$1,780

$2,220

1.5%

-0.7%

Kirkland

$1,630

$2,030

1.6%

-0.9%

Puyallup

$1,520

$1,890

0.0%

10.7%

Lynnwood

$1,520

$1,890

0.6%

5.7%

Bothell

$1,770

$2,200

2.4%

3.7%

University Place

$1,150

$1,440

0.3%

4.4%

Mercer Island

$1,910

$2,380

1.6%

5.9%

Kenmore

$1,730

$2,150

0.0%

0.0%

Mountlake Terrace

$1,480

$1,840

0.3%

3.9%

See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.